Smith Salley Wealth Management Makes New $632,000 Investment in U.S. Bancorp $USB

Key Points

• Smith Salley Wealth Management recently made a $632,000 investment in U.S. Bancorp, acquiring 13,966 shares of the company in the second quarter of 2023.
• U.S. Bancorp has announced a quarterly dividend increase from $0.50 to $0.52 per share, with an annualized dividend yield of 4.2%.
• The company's latest earnings report showed a profit of $1.11 per share, surpassing analyst expectations and indicating a revenue growth of 2% compared to the previous year.

Smith Salley Wealth Management acquired a new position in shares of U.S. Bancorp (NYSE:USB - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 13,966 shares of the financial services provider's stock, valued at approximately $632,000.

Several other institutional investors also recently bought and sold shares of USB. Bestgate Wealth Advisors LLC boosted its stake in shares of U.S. Bancorp by 3.3% in the first quarter. Bestgate Wealth Advisors LLC now owns 8,031 shares of the financial services provider's stock valued at $339,000 after purchasing an additional 253 shares during the period. Atlantic Family Wealth LLC boosted its stake in shares of U.S. Bancorp by 4.2% in the first quarter. Atlantic Family Wealth LLC now owns 6,312 shares of the financial services provider's stock valued at $266,000 after purchasing an additional 254 shares during the period. YANKCOM Partnership boosted its stake in shares of U.S. Bancorp by 59.4% in the first quarter. YANKCOM Partnership now owns 698 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 260 shares during the period. Plancorp LLC boosted its stake in shares of U.S. Bancorp by 0.6% in the first quarter. Plancorp LLC now owns 45,473 shares of the financial services provider's stock valued at $1,920,000 after purchasing an additional 260 shares during the period. Finally, Formidable Asset Management LLC boosted its stake in shares of U.S. Bancorp by 0.9% in the first quarter. Formidable Asset Management LLC now owns 27,830 shares of the financial services provider's stock valued at $1,175,000 after purchasing an additional 261 shares during the period. 77.60% of the stock is currently owned by hedge funds and other institutional investors.

U.S. Bancorp Stock Up 0.8%

Shares of NYSE:USB opened at $49.42 on Monday. The stock has a market capitalization of $76.91 billion, a price-to-earnings ratio of 11.82, a price-to-earnings-growth ratio of 1.55 and a beta of 1.05. U.S. Bancorp has a 1-year low of $35.18 and a 1-year high of $53.98. The company's fifty day moving average is $47.40 and its two-hundred day moving average is $44.38. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.81 and a current ratio of 0.81.

U.S. Bancorp (NYSE:USB - Get Free Report) last issued its earnings results on Thursday, July 17th. The financial services provider reported $1.11 earnings per share for the quarter, topping analysts' consensus estimates of $1.07 by $0.04. The company had revenue of $7.06 billion for the quarter, compared to analysts' expectations of $7.07 billion. U.S. Bancorp had a net margin of 16.30% and a return on equity of 13.08%. The firm's revenue was up 2.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.98 earnings per share. U.S. Bancorp has set its FY 2025 guidance at EPS. Equities analysts anticipate that U.S. Bancorp will post 4.38 EPS for the current year.

U.S. Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.2%. This is a positive change from U.S. Bancorp's previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Tuesday, September 30th. U.S. Bancorp's dividend payout ratio is currently 47.85%.

Insider Buying and Selling at U.S. Bancorp

In related news, EVP Souheil Badran sold 23,727 shares of the stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $46.34, for a total value of $1,099,509.18. Following the sale, the executive vice president owned 70,346 shares of the company's stock, valued at $3,259,833.64. This trade represents a 25.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.23% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Evercore ISI upped their target price on shares of U.S. Bancorp from $44.00 to $49.00 and gave the company an "in-line" rating in a research note on Wednesday, June 4th. DA Davidson upped their target price on shares of U.S. Bancorp from $49.00 to $52.00 and gave the company a "buy" rating in a research note on Monday, July 21st. Wall Street Zen upgraded shares of U.S. Bancorp from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Oppenheimer reduced their price objective on shares of U.S. Bancorp from $67.00 to $66.00 and set an "outperform" rating on the stock in a research note on Tuesday, September 23rd. Finally, The Goldman Sachs Group increased their price objective on shares of U.S. Bancorp from $41.00 to $46.00 and gave the company a "neutral" rating in a research note on Tuesday, June 10th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $52.83.

About U.S. Bancorp

U.S. Bancorp, a financial services holding company, provides various financial services to individuals, businesses, institutional organizations, governmental entities, and other financial institutions in the United States. It operates through Wealth, Corporate, Commercial and Institutional Banking; Consumer and Business Banking; Payment Services; and Treasury and Corporate Support segments.

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